(fxcue news) - Asian stocks ended a turbulent week on a positive note Friday as encouraging U.S. labor market data brought some relief to investors worried about a slowing economy. Also, a measure of China's consumer price inflation surged to a five-month high, providing much-need positive news on the world's second-largest economy. The dollar hovered close to a one-week high against major rivals in Asian trade while gold edged down slightly as traders pared bets on big rate cuts by the Federal Reserve. Oil steadied after a three-day gain and was poised for a weekly gain as traders monitored developments in the Middle East. China's Shanghai Composite index slid 0.27 percent to 2,862.19 after a choppy session. Hong Kong's Hang Seng jumped 1.17 percent to 17,090.23. China's consumer price inflation rose more than expected in July, while producer prices continued to fall, data from the National Bureau of Statistics showed today. Consumer prices posted an annual increase of 0.5 percent after rising 0.2 percent in June. Prices were expected to gain 0.3 percent. Producer prices decreased for the 22nd consecutive month. Prices fell 0.8 percent annually, the same pace of decline as seen in June. Economists had forecast prices to drop 0.9 percent in July. Japanese shares closed higher as U.S. recession worries eased. The Nikkei average finished 0.56 percent higher at 35,025 after another choppy day of trading. The broader Topix index settled 0.88 percent higher at 2,483.30 ahead of a long weekend. Electronics component manufacturer Fujikura soared nealry20 percent to pace the gainers while staffing agency Recruit Holdings surged 6.8 percent. Cosmetic company Shiseido plunged over 12 percent on disappointing half-year results. Seoul stocks posted strong gains following positive overnight cues from Wall Street. The Kospi average climbed 1.24 percent to 2,588.43, with tech stocks leading the rally. Market bellwether Samsung Electronics advanced 1.8 percent and SK Hynix soared 5 percent. Australian markets rebounded due to robust performances in the mining and banking sectors. The benchmark S&P/ASX 200 rose 1.25 percent to 7,777.70 while the broader All Ordinaries index closed up 1.32 percent at 7,990.70. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dipped 0.11 percent to 12,243.46. U.S. stocks rose sharply overnight and the 10-year Treasury yield hit 4 percent as the latest weekly jobless claims data came in below forecasts, boosting investors' confidence in the U.S. economy. A weaker Japanese yen versus the dollar on BOJ's dovish talk also helped spur a relief rally. The S&P 500 jumped 2.3 percent to post its best single-day gain since November 2022. The tech-heavy Nasdaq Composite soared 2.9 percent and the Dow rallied 1.8 percent following a sharp sell-off seen earlier in the week.